Why Should I Hire a Bookkeeper?

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Does your business need a bookkeeper? Call Molen and Associates for professional bookkeeping services to keep your business running smoothly. Call us to let us do what we do best, so you can focus on what you do best for your business.

Arthur Harrison: [00:00:06:02] Hello, today we're going to talk about the benefits of having a bookkeeper. I see many clients who either do their books their self, or they just don't know why they need a bookkeeper to begin with. So I want to talk about six benefits to having a bookkeeper. The first reason is maybe [00:00:30:00] one of the most important reasons is being compliant with the law. If you have a professional doing your bookkeeping, then everything is done to the proper level and is kept up to date so that if, heaven forbid, anything happens and there is an audit, then your books are ready and you don't have to try to get ready at that point. Also to this point, if you do have a negative audit situation that comes from this, from not having [00:01:00:00] a bookkeeper keeping your books done well, it can be much more costly than the cost of just having a bookkeeper to start with.

Arthur Harrison: [00:01:09:29] My second benefit is having accurate books. So the point here is allow the professionals to do what they do best while you focus on what you do best. Having accurate books allows you to be able to clearly see your business for [00:01:30:00] what it is and not have to be worried about what the numbers actually mean.

Arthur Harrison: [00:01:37:18] My third benefit is having a clear view of how efficient your business is running. This gives you the ability to have data to make decisions on everyday business decisions while it's running. You may see the cash flow coming in. You may see the money in the bank. You may be able to pay your bills, but what you [00:02:00:00] don't know is where's this money is actually coming from? And where is it being used to pay for and at what levels?

Arthur Harrison: [00:02:09:07] My fourth benefit is time management. Get the most out of your time while allowing a professional bookkeeper to spend the time keeping up with the records. Keeping a good set of records can be very time consuming. As we know, business owners are very busy people. They have their personal [00:02:30:00] life. They have their business and other endeavors that they may be involved in. So letting a bookkeeper spend all the time keeping the records just allows you to get the most out of your time.

Arthur Harrison: [00:02:43:17] The fifth benefit is having better relationships with bankers or potential investors. Having well kept and accurate books that are readily available leads to better [00:03:00:00] outcomes when dealing with these situations. Banks are definitely going to want to see your financial statements. So they can measure if you're able to pay back the loans that they potentially may give you. Investors have maybe more at stake in a way of they are banking on you being successful as a business. So not only will they may want to see your financial statements, they may want to take [00:03:30:00] an even deeper dive into the books before they inject their funds into your business. So this just leads to better outcomes in those situations where you have well kept, accurate and available books.

Arthur Harrison: [00:03:44:20] My sixth and final benefit is saving money on income taxes. Again, just going back to the well kept, accurate and available books. What this does is allows for your tax advisor to be able to, at [00:04:00:00] any given time, do an estimate, see where you're at, and allows a business to make decisions to be able to save tax dollars when that time comes. So for all my self-employed and business owners out there, if you need assistance with bookkeeping, Molen and Associates does offer that service. Please reach out to us and we can talk about a plan to help you out. Thank you.